Could always be worse. CPI for the United Kingdom was also just released and they hit 9.1%, a 40-year high!
Yeah, I alluded to this earlier.In the last 8-10 days, interest rates on the market are down 0.3%. Oil is down 15-20%, most commodities are down including food, fertilizer, metals, and energy. Although these things can reverse and go back up, the rate of inflation will come down in July from June quite a bit if prices hold steady. So maybe we are at peak inflation now. At least in North America.